Deepening Bilateral Ties Between Russia-India: A Good Indication
Russia- India have been mulling over a Free Trade Agreement (FTA) that will deepen the bilateral ties between New Delhi and Moscow. Over the years, Russia- India have maintained a good relationship and even with the Putin regime invading Ukraine, India has treaded this territory very smartly.
Last month, at the India-Russia Business Dialogue in New Delhi, Dr S Jaishankar, India’s External Affairs Minister and Russia Deputy Prime Minister Denis Manturov confirmed this speculation.
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Manturov also emphasised on growing relations with India in regards to trade, industry, culture and education. He said- “We’ve launched the program of preferential loans and insurance of Russian importers towards procurement of priority products from foreign countries. Among the most demanded goods under this program are –components and equipment for road construction, products of chemical and pharmaceutical industries. I am sure that this will create opportunities for Indian companies to increase their supplies to Russia.”
FTA Between Russia-India
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A free trade agreement between the two countries will be good for the markets of both the countries. The nations are also discussing a BIT (Bilateral Investment Treaty) that will provide protection for investors on both sides. This is needed to boost confidence of investors, according to Jaishankar.
Russia and India are discussing free trade agreement (FTA), despite calls from West for India to break away from its old ally.
Talks are ripe about signing of a cooperation between Maharashtra gov – Moscow & UP government-Moscow city government for development projects.
— The Poll Lady (@ThePollLady) April 17, 2023
Jaishankar also spoke about the disrupted FTA between Eurasian Economic Union (EAEU) and India due to the pandemic. Member states of EAEU include Russia along with Armenia, Belarus, Kazakhstan, and Kyrgyzstan. As this bloc has a huge market and combined GDP, an FTA with them will be a huge win for India.
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Though there is a trade imbalance in favour of Russia as India has been purchasing oil and gas from Russia, the external affairs minister has also called to address this imbalance.
“We need to work together with our Russian friends on a very urgent basis on how to address that imbalance. And addressing the impediments — whether they are market access impediments, whether they are non-tariff barriers, whether they are related to payments or to logistics,” Jaishankar said.
It remains to be seen how Russia and India maintain their relations in light of pressure from the West and the Ukraine situation.
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